Potentially.
Maybe not initially, but certainly running at that speed constantly will shorten the life of the handset. I know some folk say they can run at that speed all the time, but despite being the same, each phone is different (does that even make sense?

) so it may be fine for some folk, but it could fry yours instantly.
Sods law though, I go back to CM7 on Sunday, flash his 6.9.2 kernel and he releases a new one the day after. I'll probs give this one a miss and flash his the next release.
Anyway, using the Brazillian Wax Governor and the default speeds (230-1075MHz) is fast enough for me.